SPRINGFIELD, Mo. -- It soon could be cheaper for stores to swipe your credit card. The Federal Reserve wants to limit interchange fees on debit cards; that's what businesses pay the credit card network each time a customer uses a card.
One proposal is to cap those swipe fees at 12 cents per transaction. That would be good news for store owners but not necessarily for shoppers.
With every swipe of a customer's credit or debit card, Sandra Harrison, owner of Gamble's Gift II, has to pay.
"Whatever your bill is, the merchant is going to pay a percentage," she said.
For debit cards, the swipe fee is just 1.05 percent of the total purchase price. That may not sound that bad but, in a busy holiday season, Harrison says it adds up, making it difficult to keep down prices and keep the services that she's proud to offer, like free gift wrapping.